Update: Aberdeen and Standard Life shares soar as groups confirm £11bn merger plans

Joint venture would see Gilbert and Skeoch as co-CEOs

Aberdeen Asset Management and Standard Life announced this morning they have reached a recommended all-share merger deal, which would create "a formidable player in the active asset management industry globally" running over £660bn of assets.

After confirming merger talks over the weekend, Aberdeen and Standard Life said an agreement has now been reached and they are recommending the deal to shareholders. Shares in both financial firms soared in early trade this morning as investors digested the news. On opening, Aberdeen shares jumped 6.8% to 305.90p, while Standard Life shares leapt 9% to 412.70p. Under the terms of the agreement, Aberdeen shareholders would receive a merger ratio of 0.757 new Standard Life ordinary shares for each Aberdeen ordinary share. Based on this exchange ratio and the closing price of 378.5p p...